Commercial Purchase- Yetman, NSW
The Borrowers have backgrounds in operating pubs and hotels.
The purpose of this loan is to complete the purchase of two commercial properties in Yetman, NSW. The Vendor has recently passed away and the family has requested the Borrowers to settle the payment.
The Borrowers can’t get bank finance as they don’t have twelve months trading figures yet.
Security on offer are two commercial/mixed use properties in Yetman, a village located in the New England area of northern New South Wales. The first property is on 6,766msq land which comes with an established pub. The second property is on 4,827msq land which includes a general store complete with an Australia Post outlet.
The Sponsors have offered a third additional security of a 2,027msq residential property in Yetman, NSW. The unencumbered property is a single level dwelling that comes with three bedrooms, a bathroom and a garage.
The exit strategy is to refinance out once financials are ready or to sell the general store and refinance the balance.
This loan has a 12 month pre-paid loan term, with the option for 6 monthly extensions.
Details
Security Property Valuation: $950,000
Loan Amount: $475,000 (First Mortgage)
LVR: 50.00%
Term: 12 months prepaid plus 6 monthly extensions
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